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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Prosus N.V.    PRX   NL0013654783

PROSUS N.V.

(PRX)
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Prosus to buy up to $5 billion in its own, Naspers shares

10/30/2020 | 05:00am EST
Naspers logo is seen in Johannesburg

JOHANNESBURG/AMSTERDAM (Reuters) - Dutch technology investor Prosus said on Friday it would buy back up to $5 billion in its own and South African parent Naspers' shares, as part of efforts to narrow a discount between the companies' share prices and underlying assets.

Prosus owns a 30.9% stake in Asia's online software and payments giant Tencent worth nearly 200 billion euros at Thursday's closing price. Prosus's own value was just 135 billion euros as of Thursday's close, including other investments in online classified, payment and food delivery businesses.

Prosus said it would buy-back up to $1.37 billion of its own stock and up to $3.63 billion of Naspers' shares on the open market in a proposed transaction it expected to launch following the release of its interim results on Nov. 23.

Naspers shares rose 3.4% to 10.45 rand at the start of trade on Friday, while Prosus shares gained 1.4% to 84.38 euros in Amsterdam, and were up 27% so far this year.

Prosus CEO Bob van Dijk said the company had looked at other options, including spending money on new large acquisitions but found buying back its own shares a better deal, pointing to the discount.

"Utilising cash to own more of our current portfolio through a purchase of our own shares - when the discount to NAV (net asset value) is sizeable - is a sensible use of capital," he said in a statement. Naspers has long been trying to narrow the discount between its stock price and that of its underlying assets, and it listed Prosus separately in Amsterdam as part of those efforts last year. It retains a 72.6% stake in Prosus.

(Reporting by Emma Rumney and Toby Sterling; Editing by Tim Cocks and Tomasz Janowski)


© Reuters 2020
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Financials (USD)
Sales 2021 4 410 M - -
Net income 2021 5 051 M - -
Net Debt 2021 666 M - -
P/E ratio 2021 36,6x
Yield 2021 0,06%
Capitalization 185 B 186 B -
EV / Sales 2021 42,2x
EV / Sales 2022 32,5x
Nbr of Employees 20 000
Free-Float 27,0%
Chart PROSUS N.V.
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Prosus N.V. Technical Analysis Chart | MarketScreener
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Technical analysis trends PROSUS N.V.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Average target price 113,70 €
Last Close Price 93,86 €
Spread / Highest target 47,0%
Spread / Average Target 21,1%
Spread / Lowest Target -11,6%
EPS Revisions
Managers
NameTitle
Robert van Dijk Chief Executive Officer & Executive Director
Patrick Luke Kolek Chief Operating Officer
Vasileios Sgourdos Financial Director & Executive Director
Jacobus Petrus Bekker Non-Independent Non-Executive Director
Hendrik Jacobus du Toit Lead Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
PROSUS N.V.38.85%185 577
TENCENT HOLDINGS LIMITED56.82%722 943
NETFLIX, INC.53.76%219 802
UBER TECHNOLOGIES, INC.76.60%92 633
NASPERS LIMITED39.73%90 424
SPOTIFY TECHNOLOGY S.A.111.59%59 991